Matson raises bunker surcharge 2.75%
Matson Navigation Co. said Friday it is raising its fuel surcharge for its Hawaii and Guam/Commonwealth of Northern Mariana Islands services from 18.5 percent to 21.25 percent, effective June 4.
The company also said that due to the extreme volatility of the world oil market in recent months, it has decided to suspend its quarterly review process and resume adjusting its fuel surcharge based on sustained trends.
“Fuel prices are a subject of concern for virtually everyone today,” Dave Hoppes, senior vice president of ocean services, said in a statement. “With bunker fuel prices hitting unprecedented record highs, transportation companies have been particularly negatively impacted. Fuel consumption is an unavoidable and significant component of our operating costs, with every dollar increase per barrel adding over $2 million in annual expenses. In the past month alone, bunker fuel prices have risen 16 percent.
In dropping the quarterly review program, which was implemented in April 2005, Matson said, “with the current world situation, we need to have the flexibility to respond to steep fluctuations in bunker fuel prices as merited. We will continue to monitor fuel prices and make adjustments, upward or downward, accordingly.”